The ultra serious, rivet counting, end of the hobby might carry on. However, the "Grandad buys granchild a train set, and they get into modelling" end of the hobby would seriously suffer. How many times do we hear things like train sets referred to as a "Hornby" by those who aren't in the know? Funnily enough, it's sales of bread and butter train sets that allow companies like Hornby to do the better stuff.
In any event, I am reminded of a certain Monty Python moment on this thread. You're all bringing out the corpse when it's loudly protesting that it's not dead yet.